Venture Capital News: HOVER Secures $25M
SAN FRANCISCO, CA, HOVER, the platform that generates accurate, interactive 3D models of any property, today announced that the company has secured $25 million in Series B funding.
The round was led by GV (formerly Google Ventures), and includes participation from The Home Depot and Standard Industries, the largest roofing and waterproofing manufacturer in the world.
HOVER is revolutionizing how home improvement projects are estimated and sold. Thousands of exterior contractors use HOVER to save time and money on every project, gain credibility with their customers, and close more business. For homeowners, HOVER's simple interface and in-depth design features allow them to comprehensively visualize what their exterior remodeling project will look like. HOVER's insurance industry customers use the up-to-date measurements to reduce claim adjusting costs, decrease cycle times, and improve the overall customer experience.
"Americans spent well over $300 billion on home remodeling last year, yet when it comes to the most important and fundamental part of the process
-- getting estimates to make an informed decision -- homeowners are still subjected to the same process their grandparents went through: relying on measuring tape, handshakes, eye-balled estimations, and a whole lot of patience," says A.J. Altman, Founder and CEO of HOVER. "We're excited to continue to work alongside these amazing strategic partners to bring more transparency and efficiency to this industry."
Tyson Clark, General Partner at GV, adds: "Many people are familiar with computer vision and deep learning only as abstract technical concepts. What's great about HOVER's platform is that they're taking this technology and applying it in a practical, useful way to people's lives. We're excited to see HOVER's platform scale rapidly as it revolutionizes a previously unexplored market."
In addition to GV leading the round, Standard Industries and The Home Depot join the round as investors and strategic partners. For the past two years, HOVER has worked with Standard Industries through GAF, its North American roofing and waterproofing business.
"Standard Industries is committed to adding value to its customers with new and innovative solutions aimed at transforming the roofing industry," says Kathy Reiland, Head of M&A for Standard Industries. "HOVER's platform has become the most used solution by GAF-certified contractors, a testament to the added value that the technology brings to the roofing industry."
The Home Depot has also been in a long-standing commercial relationship with HOVER. "The power of HOVER's technology is in the great experience it creates for our customers when making a major investment in their home," says Kelly Barrett, Senior Vice President of The Home Depot Home Services. "HOVER gives them confidence in their decision-making because they can visualize the finished project at the same time that we give them an estimate."
As a technology company, HOVER's primary plans for the funding are in research and development, namely in continuing to expand the company's capabilities in computer vision and deep learning technology. They will also devote funds to improving and extending the product in core and adjacent markets while continuing to build out the sales and marketing arms of the business.
Founded in 2011, HOVER's original product was used by the U.S. Military to reduce risk for personnel in harm's way. Today, HOVER's technology is transforming a market that has been notoriously difficult to change: home improvement. By building the world's most comprehensive and accurate database of physical properties, HOVER is creating the future of 3D property data.
Launched as Google Ventures in 2009, GV is the venture capital arm of Alphabet, Inc. They've invested in more than 300 companies that push the edge of what's possible. In the fields of life science, healthcare, artificial intelligence, robotics, transportation, cyber security, and agriculture, the companies in GV's portfolio aim to improve lives and change industries.
About Standard Industries
Standard Industries is a privately-held, global, diversified holding company with interests in building materials, aggregates, and related investment businesses in public equities and real estate. With over 15,000 employees and operations in more than 80 countries, Standard's businesses include: GAF, BMI Group, Siplast, SGI, 40 North, and Winter Properties.
About The Home Depot
The Home Depot is the world's largest home improvement specialty retailer, with 2,284 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, and Mexico. In fiscal 2016, The Home Depot had sales of $94.6 billion and earnings of $8.0 billion. The Company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE:HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
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